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Original poster

URGENT Help! Have been outbid on a house we put an offer on. Strategic advice anyone?

75 replies

Tinker · 30/08/2006 13:23

Offer put in last week and accepted (but house still to be marketed. Not confirmed in writing to us, ony over the phone)

Rang now to update vendor's agent of our situation - our purchaser has had survey done on my house, to be told on phone that vendor has accpeted a higher offer.

Accept this is business but am pissed off not told about this.

However, what do we do now? Don't want to get into gazumping situation, no other houses available that are suitable/we like. Help please.

OP posts:
SoupDragon · 30/08/2006 13:25

Do you like the house enough to put in a higher offer?
Are you sure there is genuinely another offer?

Pamina3 · 30/08/2006 13:26

This reply has been deleted

Message withdrawn at poster's request.

Original poster
Tinker · 30/08/2006 13:28

Yes, like it enough to put in higher offer but am worried they'll do same etc.

No, not at all sure other offer is genuine, do not trust these agents at all

She alleges others are in similar situation to us - offer accpetd from fist time-buyer.

OP posts:
Pamina3 · 30/08/2006 13:31

This reply has been deleted

Message withdrawn at poster's request.

Original poster
Tinker · 30/08/2006 13:34

That's the conversation we're currently having pamina! Oh god, this is so stressful, thought it was going too well. I would walk away if there were other houses - this one's not great but could be.

Vendor is selling up to move abroad - inherited house so can just sit back and enjoy the bidding.

OP posts:
Pamina3 · 30/08/2006 13:36

This reply has been deleted

Message withdrawn at poster's request.

Freckle · 30/08/2006 13:46

Can you bypass the agents and speak directly to the vendors? Ring up on the pretext of wanting to come and look again/measure for curtains, etc., and then, if they genuinely have another offer, they will mention it and, if not, you can blast the agents.

Original poster
Tinker · 30/08/2006 13:49

Is that not unethical? I know, I know, ethical and estate agents in same thread. These are the same agents we turned down for marketing my house...

OP posts:
bundle · 30/08/2006 13:49

we got 2 buyers to put in "last and final offer" (sealed bids), our agent advised us even before he showed them to us to not seek another higher offer from the loser...

bundle · 30/08/2006 13:50

are they local agents or a chain?

Freckle · 30/08/2006 13:51

Why is it unethical? You are buying their house (supposedly). The estate agents are just that - their agents. There is no reason why you can't speak to the vendors directly. Alternatively get your solicitor to contact theirs and get them to confirm or otherwise.

fairyjay · 30/08/2006 13:52

Who accepted your offer? Speak to that person specifically - whether vendor or agent - and ask why they broke what was in effect a 'gentleman's agreement', and furthermore, did not have the courtesy of coming back to inform you.

LIZS · 30/08/2006 13:52

Arrgh, we had this happen . They mulled our offer over but took a second viewing in the meantime. Rejected ours and accepted the other. We were invited to resubmit but advised that we'd need to up it more than we were prepared to so left it. Had hoped circumstances ( our short chain and they were separating) might have swung it in our favour rather than hard £, but apparently not. Still not sure we did the right thing, although like yours it wasn't great but could work for us long term, as also now struggling to find somewhere else and hoping to view one which has just fallen through but vendor is on holiday and no key left with agent. Meanwhile our potential buyer is now renting and is claiming to be patient.....

Good luck Tinker, it is not fun .

shrub · 30/08/2006 13:55

i would put in a higher offer of something like five thousand more - (this i understand is suppose to be confidential) to hopefully secure the house, then have a full survery which will hopefully bring up a few thousand pounds worth of faults which you could then renegotiate the price. Hopefully sale will be further along that they won't want to prolong the sale by putting it back on the market again. if vendor is wobbly remind him/her the same will probably happen with next buyers when they have their survey.

Original poster
Tinker · 30/08/2006 13:56

Vendor accepted the offer. Yes, teh lack of courtesy does bug me.

When should we put in next offer - today seems too desperate? Whatever we put in, will state it is final offer and house should be taken off market - see what he says.

Yes, may try and conatct him.

OP posts:
Original poster
Tinker · 30/08/2006 13:57

Think survey may show quite a few faults.

OP posts:
LIZS · 30/08/2006 13:57

Don't think 5k would have swung ours tbh. Otherwise we would have done just that.

Original poster
Tinker · 30/08/2006 13:58

Think 5k would swing this but don't want to go up that much. But piddling amounts are open to being upped by our rivals I suppose.

OP posts:
bundle · 30/08/2006 13:59

I'd talk to your solicitor and ask them re: what to do if survey shows faults, with regard to the level of your offer, I'm sure there'll be some simple wording you can use.

bundle · 30/08/2006 14:00

there was £4k difference between the offers we had

Original poster
Tinker · 30/08/2006 14:00

Gulp, are only appointing our solictors today - were on holiday last week!

OP posts:
LIZS · 30/08/2006 14:02

You can but try but if this a full and final then go for an odd amount rather than a round figure so you are less likely to be matched and preferably over a psychological price hurdle, if appropriate.

Original poster
Tinker · 30/08/2006 14:03

Damn, can't find his number on Directory Enquiries

OP posts:
wheelybug · 30/08/2006 14:04

Agree with shrub re trying to negotiate back down on survey.

However I do know someone who was gazumped, so they said they'd match the offer and were in a better position so the vendor accepted the new offer. Just before exchanging, my friend turned round and said 'actually I'm only happy to pay the original amount'. By then they were so far down the process the vendor didn't really have any other option but to accept the original amount. Risky and perhaps unethical but then gazumping is pretty unethical in my book !!

LIZS · 30/08/2006 14:05

On another property we actually offered asking price and still got outbid , didn't even get asked to resubmit that time.